Prices for all seafood rose strongly again in the second quarter, but
extraordinarily so for salmon and trout. This price development has boosted
earnings from the Group's farming and fisheries operations, but in the short
term has been extremely challenging for parts of the Group's other industrial
activities.
Group operating revenue in Q2 2022 totalled NOK 7,852 million, compared with NOK
6,263 million in Q2 2021.
EBITDA excluding the settlement costs and fair value adjustment related to
biological assets was NOK 1,764 million in Q2 2022, up 40% year on year.
EBIT before fair value adjustment related to biological assets and the
settlement costs totalled NOK 1,350 million, compared with NOK 706 million in Q2
2021.
Fair value adjustment related to biological assets in Q2 2022 was NOK 1,053
million, compared with NOK 653 million in Q2 2021.
EBIT after fair value adjustment related to biological assets and the settlement
costs totalled NOK 2,192 million, compared with NOK 1,520 million in Q2 2021.
In the wake of the EU Commission's ongoing investigations, several
Norwegian-owned aquaculture companies, including companies in the Lerøy Seafood
Group, have been sued by customers in the USA and Canada. As previously
notified, the costs in connection with lawsuits in North America are
significant. In the second quarter the Group expensed costs incurred and made
provisions,totalling NOK 211 million, in connection with the civil actions in
North America. The costs comprise substantial legal fees, other related expenses
and the settlement. Please refer to the Group's annual report 2021.
The largest associates are Norskott Havbruk AS and Pelagia Holding AS. Income
from associates in Q2 2022 totalled NOK 164 million (Q2 2021: NOK 62 million).
The increase is partly explained by the positive fair value adjustment related
to biological assets of NOK 54 million in the quarter. The corresponding
adjustment in Q2 2021 was NOK 6 million. The Group's associates have generated
good results over time, are significant enterprises in their segments and
represent substantial values for Austevoll Seafood ASA. Please refer to note 5
for more detailed information on associates.
The Group's net interest expense in Q2 2022 totalled NOK -108 million (Q2 2021:
NOK -72 million). Net other financial expenses for the quarter were negative at
NOK -25 million, compared with NOK -21 in the same period of 2021.
Profit before tax and fair value adjustment related to biological assets for Q2
2022 amounted to NOK 1,116 million, compared with NOK 829 million in Q2 2021.
Excluding settlement costs, profit before tax and fair value adjustment related
to biological assets was NOK 1,327 million.
The Group reported profit before tax in the quarter of NOK 2,223 million (Q2
2021: NOK 1,489 million). The profit figure after tax was NOK 1,752 million (Q2
2021: NOK 1,159 million).
For further information please see attached report and presentation.
Questions and comments may be addressed to the company's CEO, Arne Møgster, or
to the CFO, Britt Kathrine Drivenes.
This information is subject of the disclosure requirements acc. to Section 5-12
vphl (Norwegian Securities Trading Act).